While the JOBS Act turns four years old on April 5, we won’t have the final rules for Title III equity crowdfunding for non-accredited investors until May 16. That’s less than sixty days from now. What should entrepreneurs do to take advantage of this new avenue for capital?

This past October, the SEC made the following significant changes for business owners (issuers in the rules), which should lessen the cost of Title III:

Review of financial statements, no audit for raises of more than $500K for first time crowdfunding;

No requirement for ongoing audits or reviews; and

Allowed use of any independent professional accountant.

In preparation for the May enactment of Title III, I reached out to finance professionals to see what advice they had for business owners and crowdfunders. In the first installment of this two-part series, I’ll outline their recommendations on where to start and how to succeed with Title III. (Need advice on identifying and protecting intellectual property prior to fundraising? Check out this post.)

First take some lessons from the successful state crowdfunding campaigns that have taken place in the more than thirty states with intrastate legislation. Last month at Phoenix Startup Week, Arizona Representative Jeff Weninger, sponsor of the Arizona crowdfunding law, let me know that a Tucson brewery will be the first Arizona company to use the exemption that allows crowdfunding within states.

Next, some words of wisdom from the crowd of professionals who have supported the JOBS Act:

Brian J. Burt, business lawyer in Phoenix with Snell & Wilmer, starts us with the need for the story: “Title III crowdfunding has the power to democratize the funding process and give millions of aspiring entrepreneurs access to the capital required to start and grow their companies. To harness that power, an entrepreneur will need to offer a compelling story as to why their idea deserves to be funded—a story that goes well beyond a promised return on investment.”

A few cautionary words from attorney Anthony Zeoli: “I absolutely support the idea of retail crowdfunding, but I think the final Title III rules fall well short of making it a viable capital raising option. A retail crowdfunding offering technically could work under the final rules but there are simply easier, cheaper, and/or more useful methods for accomplishing the same funding goals (such as available intrastate regulations). For that reason, I just do not see Title III retail crowdfunding, in its current form, being a particularly attractive capital raising option.”

Victoria Silchenko, founder of Metropole Capital Group, provides this message to founders: “Focus on your revenue model and practice integrity. Money only comes to those who can be trusted with it.”